Business
Arch Capital Group Ltd. Announces Catastrophe Loss Estimates and Provides Update on Share Repurchase Authorization
Estimated pre-tax net catastrophe losses of $330 million to $345 million across the property casualty insurance and reinsurance segments in the 2021 third
About this update from Arch Capital Group Ltd.
[{"type":"text","content":"\n\nEstimated pre-tax net catastrophe losses of $330 million to $345 million across the property casualty insurance and reinsurance segments in the 2021 third quarter.\n\n\nRange of estimates includes losses from Hurricane Ida, European floods and other global events.\n\n\nBoard of Directors increases share repurchase program to an aggregate of up to $1.5 billion through Dec. 31, 2022.\n\n\n PEMBROKE, Bermuda--(BUSINESS WIRE)--\nArch Capital Group Ltd. [NASDAQ: ACGL; “the Company”] reports that its 2021 third quarter results will be negatively impacted by the effects of Hurricane Ida and the July flooding events in Central Europe, as well as from other minor global events. As a result, the Company has established a range of pre-tax catastrophe losses of $330 million to $345 million in the 2021 third quarter across its property casualty insurance and reinsurance segments, net of reinsurance recoveries and reinstatement premiums.\n\nThe Company’s estimates are commensurate with estimated insured losses across the global property/casualty insurance industry in excess of $45 billion this quarter, comprised of industry estimates of approximately $30 billion for Hurricane Ida, $12 billion for the European floods and over $5 billion for other global events. Approximately two-thirds of the Company’s losses relate to its reinsurance segment.\n\nAt this time, there are significant uncertainties surrounding the ultimate number of claims and scope of damage resulting from these events. The Company’s estimates across its insurance and reinsurance segments are based on currently available information derived from modeling techniques, including preliminary claims information obtained from the Company’s clients and brokers, a review of relevant in-force contracts and estimates of reinsurance recoverables. These estimates include losses only related to claims incurred as of Sept. 30, 2021. Actual losses from these events may vary materially from the estimates due to several factors, including the inherent uncertainties in making such determinations.\n\nSeparately, the Company announced that its Board of Directors has increased its share repurchase program to an aggregate of up to $1.5 billion, which may be effected from time to time in open market or privately negotiated transactions through Dec. 31, 2022. The timing and amount of the repurchase...